Financial industry must adopt safeguards

March 12, 2014

There is no easy answer. The only real way to avoid credit card fraud is to not have a card. This will never happen because everyone is in such a hurry. A more secure system that would verify identification would take longer.

Going to the more secure chip card instead of a magnetic strip would help. Less information on the strip would make fraud harder, but not impossible. Much stiffer penalties, jail time instead of fines, might help.

It is really up to the financial industry to place stronger safeguards on transactions. Perhaps a background check on all people who handle the cards might help.

As consumers we need to closely monitor our accounts to catch fraudulent transactions and report them as quickly as possible.